cointelegraph.com
Bitcoin (BTC) showed no sign of tackling $60,000 resistance on Nov. 23 as the specter of defunct exchange Mt. Gox returned to haunt price action.
Business as usual for monthly moves
Zooming out, meanwhile, popular trader and analyst Rekt Capital noted that on monthly timeframes, Bitcoin was behaving entirely reasonably.
Related: $60K becomes resistance — 5 things to watch in Bitcoin this week
After October's highest ever monthly close, a retest of a previous 2021 monthly support level is now continuing.
#BTC is still retesting this Monthly level as support
— Rekt Capital (@rektcapital) November 22, 2021
Monthly retest is still intact, despite the downside volatility
That said, it is worth repeating that BTC could still easily see-saw like this for the remainder of the month
Monthly Close is key$BTC #Crypto #Bitcoin https://t.co/9ginJXUJXX pic.twitter.com/99oye5epLb
In common with previous downside periods, meanwhile, large-volume investors on exchanges appeared to be betting on and even trying to hasten new gains.
As noted by Charles Edwards, CEO of asset manager Capriole, buyer support levels are creeping higher as Bitcoin fails to drop to targets.
"Bitfinex whales once again walking up their bids," he revealed alongside a chart from the platform showing $54,000 as a new focus instead of $50,000.
